The board of directors of Fortis Healthcare (FHL) unanimously decided to recommend the binding investment proposal from IHH Healthcare Berhad (IHH) to invest Rs 40 billion by way of preferential allotment at a price per share of Rs 170.

Pursuant to the Board meeting held on May 29, 2018, the board of directors of FHL had initiated a fresh bidding process (Process) to meet FHL's long term and short term objectives. 3 bidders (IHH, TPG-Manipal consortium, Hero-Burman consortium) were invited to participate in the process, and FHL had received an expression of interest from Radiant-KKR consortium. The diligence access and management interaction was offered to all the 4 bidders.

Initial bid submission date was set for June 14, 2018 which was subsequently revised and communicated to all bidders for July 3, 2018. This was subsequent to the delay in announcement of Audited accounts for financial year ending March 31, 2018.

Bhavdeep Singh, CEO, Fortis (Q,N,C,F)* Healthcare, said, ''The proposed partnership with IHH presents exciting opportunities for Fortis while also delivering a number of synergistic avenues for the business. There is no doubt that the last twelve months have been challenging for us, however, I am confident we can collectively reenergize the entire organization. In addition to exchanging best practices and driving topline growth, we look forward to focusing back on our core business of providing world class healthcare services across India. I would like to also take this opportunity to thank all our employees, especially clinicians and nurses, for their continued commitment and support.''

Shares of the company gained Rs 0.85, or 0.6%, to trade at Rs 143.00. The total volume of shares traded was 556,217 at the BSE (10.24 a.m., Friday).